Crib Chatter

This 2-bedroom penthouse in The Emerald at 123 S. Green in the West Loop came on the market in June 2015.

The Emerald was built in 2008 just as the bust was hitting. The developer slashed prices in 2010 in order to finally sell the units.

See our March 2010 chatter about the price cuts here. Several of you thought, even at the lower prices, that these units were still not a deal.

This corner penthouse has 15 foot ceilings and North and West exposures.

The listing says the unit has $50,000 in upgrades.

The kitchen has stainless steel appliances, Italian stone counters and a tile backsplash.

It also has a  “spa-like” bath and custom Hunter Douglas blinds.

It has the other features buyers look for including washer/dryer in the unit, air conditioning and garage parking for $35,000 extra.

According to Redfin, this unit sold for $381,000 in 2010.

It is listed for $203,000 more in 2015, or $584,000 with the parking space.

Was The Emerald one of the best deals of the housing bust?

Raj Patel at Core Luxury Real Estate has the listing. See the pictures here.

Unit #1201B: 2 bedrooms, 2 baths, 1250 square feet

• Sold in June 2010 for $381,000 (according to Redfin. Public records show that parking was included but it doesn’t show the selling price)
• Originally listed in June 2015 – I couldn’t find an original listing price
• Currently listed at $549,000 plus $35,000 for parking
• Assessments of $547 a month (includes heat, a/c, gas, doorman, exercise room)
• Taxes of $6210
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 15×11
• Bedroom #2: 13×11

This 2-bedroom duplex up loft at 1137 N. Wood in the East Village neighborhood of West Town just came on the market.

It is located in a popular area, just steps away from the shops and restaurants of hot Division Street.

The loft has 17 foot ceilings with exposed brick.

The main level has dark ebony floors.

The listing says there is a “renovated” white kitchen with stainless steel appliances and black granite countertops.

One bedroom is located on the main floor, and has windows and full walls, while the second bedroom is duplex-up and has a 30×9 deck.

The upstairs bedroom has carpet.

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

It is listed for $500,000 which is a new peak price for this unit.

Is $500,000 the new entry point for 2/2 lofts in West Town?

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

Or go to the Open House on Sunday, July 12 from 11 to 1 pm (if it’s not under contract by then.)

Unit #2B: 2 bedroom, 2 bath, duplex up, no square footage listed

• Sold in May 2006 for $415,000
• Currently listed for $500,000
• Assessments of $310 a month (includes water, snow removal)
• Taxes of $5120
• Central Air
• Washer/Dryer in the unit
• Garage parking included
• Bedroom #1: 17×14 (second floor)
• Bedroom #2: 14×10 (first floor)

This 3-bedroom full floor authentic loft at 208 W. Kinzie in River North just came on the market.

We’ve chattered about this unique 5-unit building in the past. See our chatter about Unit #4 in 2010 here.

This loft is 1550 square feet with brick and timber and exposed ductwork.

The freight elevator opens directly into the loft.

It has central air but no parking.

There’s a washer/dryer in the unit and the listing says it has a “full kitchen” which has white cabinets and appliances.

In a flashback to the way things used to work in River North, this is a live/work space so you can legitimately run a business out of it.

Who’s the target buyer for this loft now that everything else in the neighborhood has been turned into solely residential or solely commercial space?

Sharon Tuckman at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #3: 3 bedrooms, 1.5 baths, 1550 square feet

• Sold in November 1997 for $157,500
• Lis pendens filed in May 2014
• Lis pendens foreclosure filed in August 2014
• Currently listed at $465,000
• Assessments of $500 a month (includes water, exterior maintenance)
• Taxes of $11,099
• Central Air
• Washer/dryer in the unit
• No parking- it’s available to rent nearby
• Bedroom #1: 16×8
• Bedroom #2: 12×9
• Bedroom #3: 8×7
• First floor 7×7 storage

This 3-bedroom penthouse in the Parc Chestnut at 849 N. Franklin in River North came on the market in June 2015.

If there’s something familiar about it, it’s because we chattered about this unit in June 2013.

See that chatter here.

At that time, mortgage rates had just spiked dramatically and we were debating whether or not it would impact the housing market (it did.)

We also debated what neighborhood this was in, as I called it Gold Coast since it was north of Chicago Avenue. Some of you called it Old Town.

How about River North?

I suspect as more construction happens north of Chicago Avenue and West of Wells, the realtors will give this area some sort of new name.

If you recall, this is a corner unit with north and east exposures and a large covered terrace.

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

The listing says it has two master suites.

In 2013, there was a 12×10 “den” and now there is a 12×10 “eating area” and no den.

Tandem parking for 2 cars is included.

It sold in August of 2013 for $825,000 and has come back on the market at $1.175 million.

Is the market hot enough for the $350,000 premium?

Izetta Carroll at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #1504: 3 bedrooms, 3 baths, 2500 square feet

• Sold in March 2007 for $834,500 (it doesn’t list the parking in the original sale so I’m not sure if this included it or not.)
• Has been on and off the market since 2008
• Was listed in April 2012 for $800,000
• Was listed in June 2013 for $875,000
• Sold in August 2013 for $825,000 (again, parking wasn’t listed in the public record)
• Currently listed for $1.175 million (includes 2-car tandem parking)
• Assessments of $1079 a month (includes heat, a/c, doorman, cable)- are the same as in 2013
• Taxes now $11,630 (they were $8297 in 2013)
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 18×13
• Bedroom #2: 17×12
• Bedroom #3: 13×12
• Eating area: 12×10
• Laundry Room: 6×3

This 3-bedroom penthouse in The Montgomery at 500 W. Superior in River North came on the market in February 2015.

The Montgomery was originally built in 1972 as Montgomery Wards’ corporate headquarters. It was designed by Minoru Yamaskai, who was designing the World Trade Center at the same time.

It was converted into 245 luxury condos at the peak of the market in 2007.

This unit has 14-foot floor to ceiling windows that face south with views of the Willis Tower and the entire loop skyline.

It also has a rooftop cabana with a 1000 square foot private terrace.

The kitchen has luxury finishes including stainless steel appliances.

It has central air, washer/dryer in the unit and 2 side-by-side parking spaces are available.

There are plenty of penthouses available right now across the city.

Do the south facing city views set this penthouse apart?

Terri McAuley at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #2801: 3 bedrooms, 3 baths, 2 half baths, 4700 square feet

• Sold in January 2007 for $2.645 million (sold with 2-car parking)
• Originally listed in February 2015 for $3,487,500
• Reduced
• Currently listed at $3.295 million
• Assessments of $2676 a month (includes heat, air conditioning, gas, doorman, cable)
• Taxes of $26,756
• Central Air
• Washer/Dryer in the unit
• 2-car parking available (not sure if that’s included or extra)
• Bedroom #1: 23×18
• Bedroom #2: 20×17
• Bedroom #3: 22×18
• Family room: 41×12

This 4-bedroom in the Carl Street Studios at 155 W. Burton in Old Town recently came on the market.

The Carl Street Studios is one of the most unique properties in Old Town.

Originally built as a mansion in the 1880s, it was converted into the “studios” in 1927. There are only 15 units.

Each one is unique with its own lay out.

This is one of the larger units with 5,000 square feet.

It has a dramatic two story stained glass window in the living room.

The unit has carved doors, built-ins and the mosaics that are famous in these units.

The kitchen is designed to fit in with the house with what looks like custom wood cabinets and stainless steel appliances.

It has a private 22×31 roof terrace and a library.

There are also 5 fireplaces.

While it has central air, there is no parking with this complex. The listing says there is 2-car parking a half a block away for $450 a month.

Will the hot market mean a quick sale for this unique property?

Mille Rosenbloom at Baird & Warner has the listing. See the pictures here.

Unit #7: 4 bedrooms, 4 baths, 5000 square feet

• Sold in March 2003 for $1.8 million
• Currently listed for $1.5 million
• Assessments of $3676 a month (includes heat, water)
• Taxes of $28,168
• Central Air
• Washer/Dryer in the unit
• No parking- but 2 spots available a half a block away for $450 a month
• 5 fireplaces
• Bedroom #1: 11×19 (main floor)
• Bedroom #2: 13×19 (third floor)
• Bedroom #3: 18×11 (third floor)
• Bedroom #4: 14×18 (third floor)
• Library: 7×26

This 2-bedroom loft in The Sexton at 360 W. Illinois in River North only came on the market a few days ago.

If you needed confirmation about how hot this market is, this unit is already under contract in less than a week.

The loft is in the concrete portion of the building so it has concrete ceilings with exposed brick.

Only one of the bedrooms has windows.

The kitchen has white cabinets, stainless steel appliances, including a wine fridge, and a large island with a stone countertop.

The loft has the other features that buyers look for including central air, washer/dryer in the unit and garage parking is available for $35,000.

It came on the market for $415,000 plus the parking which is the most expensive price this unit has ever sold for since the building was converted into lofts in 2000.

Historically, the 2/1 lofts have sold for less than the 2/2 lofts in this building.

It is also listed $70,000 above the 2013 sales price.

How do these units that are selling for much higher multiples than prior sales prices even appraise out?

Are buyers waiving appraisals?

Tamara Kasey at Redfin has the listing. You can still see the pictures here.

Unit #4C: 2 bedrooms, 1 bath, no square footage listed

• Sold in September 2000 for $212,500 (no parking listed)
• Sold in April 2002 for $332,000 (no parking listed)
• Sold in August 2013 for $345,000 (no parking listed)
• Currently listed for $415,000 (plus $35,000 for the parking)
• Under contract
• Assessments of $470 a month (includes doorman)
• Taxes of $4532
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×11
• Bedroom #2: 12×11

I’m in Harbor Country in Southwest Michigan on vacation through the Fourth of July Weekend.

Therefore, there will be more limited posts. But I DO have some planned to end this week and one or two for next week.

The housing market seems to be taking a break after a red hot spring.

There isn’t much new inventory coming on the market right now so it’s a good time for me to take a break as well.

Thanks everyone for chiming in this year.

With prices in the GreenZone mostly back, or exceeding, prior record highs, it sure is an interesting time in Chicago real estate.

Happy Fourth of July!

The spring market continues to be hot as home sales and median price rose in May.

From the Illinois Association of Realtors:

The city of Chicago saw sales of 2,700 homes in May 2015, up 10.1 percent from last year when 2,453 homes were sold. The median price of a home in Chicago was $287,500, up 6.8 percent over May 2014 when the median price was $269,250.

May sales:

• May 2008: 2119 sales
• May 2009: 1557 sales
• May 2010: 2057 sales
• May 2011: 1705 sales
• May 2012: 2037 sales
• May 2013: 2834 sales
• May 2014: 2453 sales
• May 2015: 2700 sales

Median price data:

• May 2008: $319,500
• May 2009: $225,000
• May 2010: $230,000
• May 2011: $190,000
• May 2012: $203,000
• May 2013: $234,000
• May 2014: $269,250
• May 2015: $287,500

“Chicago has seen home buyers enter the market with vigor since February,” said Hugh Rider, president of the Chicago Association of REALTORS® and co-president of Realty & Mortgage Co. “The increase in median prices and the relative lack of inventory compared to a year ago show consumers are comfortable with buying in the city and they believe the investment is worth paying a bit more.”

Statewide, the average number of days on the market fell to 72 days from 75 days a year ago. Inventory also fell 6.7% statewide.

Mortgage rates will be interesting to watch. The rates only recently rose above 4% again. Most of the homes that closed in May would have had older mortgage rates.

The IAR said the average mortgage rate for May was 3.82%, up from 3.64% in April but down from May 2014 when it was 4.18%.

Rates should be higher for June and even July closings.

What level do rates have to rise to before we see a real slowdown in sales?

Or do higher rates not really matter with an improving job market and record high stock prices?

Illinois home sales climb 5.6 percent; Median price up 8.7 percent in May [Illinois Association of Realtors, Press Release, June 22, 2015]

This 2-bedroom plus a den at River Place on the Park at 700 N. Larrabee in River North just came on the market.

Built in 2006, at the peak of the housing boom, the building has 220 units and sits on the Chicago River.

This is a Southeast corner unit with city views east of the John Hancock and southern views of the Chicago River and the Willis Tower/Loop.

It has 10 foot floor to ceiling windows with custom shades and a balcony.

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

There’s a slate fireplace.

It has all the features buyers look for including central air, washer/dryer in the unit and garage parking for $30,000 extra.

This is apparently the first sale since the original sale of this unit in 2006.

It is listed at $605,000, including the parking, or $175,000 more than the 2006 bubble price of $430,000.

Will this seller get the premium?

Michael Rosenblum at Berkshire Hathaway KoenigRubloff has the listing. See the pictures here.

Unit #1809: 2 bedrooms, 2 baths, den, 1245 square feet

• Sold in December 2006 for $430,000 (included the parking)
• Currently listed for $575,000 plus $30,000 for parking
• Assessments of $635 a month (includes heat, air conditioning, cable, doorman)
• Taxes of $6575
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 13×12
• Bedroom #2: 12×11
• Den: 8×8