Crib Chatter

This 2-bedroom loft at 2332 S. Michigan in the Motor Row neighborhood of the South Loop recently came on the market.

Motor Row was reaching peak conversions/development just as the housing bust hit.

It’s a two block area on South Michigan Avenue that was home to a bunch of car dealerships, many of which have now been converted into loft condominiums.

This building was converted into 22 units in 2007. We’ve chattered before about the difficulty in selling these units once the bust hit.

However, it has some terrific authentic loft features including exposed brick and unique windows and French doors to the balcony.

This unit also has 14 foot high ceilings and a coffered ceiling in the kitchen.

The kitchen has newer dark cabinets and stainless steel appliances.

There are stone baths and the master bathroom has a double vanity.

It has the other features buyers look for including central air, washer/dryer in the unit and heated garage parking which is $20,000 extra.

With all the other GreenZone neighborhoods picking up steam, is this the time to get in on Motor Row?

Karolina Suszynski at Prospect Equities Real Estate has the listing. See the pictures here.

Unit #306: 2 bedrooms, 2 baths, 1400 square feet

• Sold in October 2007 for $401,000
• Currently listed at $349,900 plus $20,000 for parking
• Assessments of $336 a month (includes cable, exercise room)
• Taxes of $6390
• Central Air
• Washer/Dryer in the unit
• Leased through November 2015
• Bedroom #1: 14×12
• Bedroom #2: 12×11

This 2-bedroom loft in the Wheelworks Lofts at 2510 N. Wayne in Lincoln Park came on the market in February 2015.

This building is an old Schwinn bike factory and the units have maintained many of their original features.

The loft has 15 foot timber ceilings, exposed brick and a wood burning fireplace.

It has a wall of windows which faces into the courtyard.

The listing says it’s two combined units.

The second bedroom and den, as well as the laundry room, are on the second floor.

The kitchen has stainless steel appliances and stone counter tops.

The listing says the baths are new.

The loft has other features that buyers are looking for including a parking space, central air and in-unit washer/dryer.

Lofts were the hottest type of condo fifteen years ago.

Are they still “in”?

Sharon O’Hara at @Properties has the listing. See the pictures here.

Unit #106: 2 bedrooms, 2 baths, 1650 square feet

• I couldn’t find it in the county records- maybe because it is two combined units- but Redfin says it last sold in May 2006 for $305,000.
• Originally listed in February 2015 for $475,000
• Currently still listed for $475,000
• Assessments of $455 a month (includes snow removal)
• Taxes of $5073
• Central Air
• Washer/Dryer in the unit
• Outdoor parking included
• Wood burning fireplace
• Bedroom #1: 18×13 (main level)
• Bedroom #2: 8×8 (second floor)
• Den: 7×13 (second floor)
• Laundry room: 7×5 (second floor)

This 3-bedroom in Contemporaine at 201 W. Grand in River North just came on the market.

If it looks familiar to some of you, that’s because it was previously on the market in 2011 and 2012.

Contemporaine was built in 2004 and has just 28 units.

The building has won awards for its modern architecture and is included on architectural walking tours of the city.

This unit has South, West and North views.

It has luxury finishes in the kitchen and bathrooms including Subzero, Viking, Miele and Balthaup.

The unit has concrete ceilings and floor to ceiling windows.

A tandem parking spot is included in the price.

The listing says it is in the Ogden Elementary school district.

The unit last sold in 2012 in what appears to be a distress sale as a lis pendens foreclosure had been filed.

You can see pictures of that listing here.

It has come back on the market just three years later listed $505,000 over the 2005 sale price, which was when the building was new.

How high will prices rise in the GreenZone neighborhoods?

Will this unit get the premium over the 2005 sale price?

Akos Straub at Coldwell Banker has the listing. See the pictures here.

Unit #803: 3 bedrooms, 3 baths, 2221 square feet

• Sold in April 2005 for $1,085,000
• Lis pendens foreclosure filed in January 2011
• Was listed in July 2012 for $750,000
• Sold in June 2012 for $675,000 (included the parking)
• Currently listed for $1.59 million (tandem parking space included)
• Assessments of $1143 (includes water, cable, snow removal)
• Taxes of $11509
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 15×17
• Bedroom #2: 11×13
• Bedroom #3: 12×12

This 2-bedroom in 111 S. Morgan in the West Loop recently came on the market.

It is a Fannie Mae Homepath property.

The unit has hardwood floors in the main living areas and a fireplace.

The kitchen has granite counter tops and what looks to be maple cabinets.

From the pictures, there appears to be a stainless steel stove but there’s no refrigerator or dishwasher.

It has central air, washer/dryer hook-ups in the unit (not sure if the w/d is actually there) and parking is included.

A few years ago, some buyers would only look at bank owned condos because they thought they were getting a deal.

But this property has come on the market listed $45,500 above the 2007 purchase price.

Are distressed sales dropping in Chicago because the banks are listing at unreasonable prices or because they simply aren’t deals anymore?

Arthur Cirignani at Chicago Realty Partners has the listing. See the pictures here.

Unit #705: 2 bedrooms, 2 baths, no square footage listed

• Sold in April 2004 for $293,000 (included the parking)
• Sold in June 2007 for $355,000 (included the parking)
• Lis pendens foreclosure filed in February 2012
• Bank owned in February 2015
• Listed in March 2015 for $400,500 (includes the parking)
• Assessments of $482 a month (includes cable, doorman, water)
• Taxes of $3759
• Central Air
• Washer/dryer hook-ups in the unit
• Bedroom #1: 11×10
• Bedroom #2: 11×10

Nearly every month in 2014 showed declining sales compared to 2013 even though mortgage rates moved lower.

Finally, February 2015 bucked that trend as sales rose year over year.

From the Illinois Association of Realtors:

The city of Chicago saw sales of 1,448 homes in February 2015, up 3.9 percent from last year. The median price of a home in Chicago was $212,000, up 21.1 percent over February 2014.

Here is the sales data for February going back to 1997 (courtesy of G). It is slightly different from the IAR’s data:

• 1997: 881 sales
• 1998: 991
• 2000: 1383
• 2001: 1151
• 2002: 1677
• 2003: 1566
• 2004: 1814
• 2005: 2228
• 2006: 1855
• 2007: 1703
• 2008: 1454
• 2009: 870
• 2010: 1257
• 2011: 1092
• 2012: 1250
• 2013: 1411
• 2014: 1361
• 2015: 1448

Here is the Median Price Data also going back to 1997 (thanks G!):

• 1997: $117,000
• 1998: $132,000
• 1999: $143,750
• 2000: $161,500
• 2001: $180,200
• 2002: $212,000
• 2003: $215,000
• 2004: $229,900
• 2005: $268,900
• 2006: $267,500
• 2007: $270,000
• 2008: $290,000
• 2009: $218,125 (with 31% being REO/Short Sales)
• 2010: $176,000 (with 46% being REO/Short Sales)
• 2011: $150,250 (with 50% being REO/Short Sales)
• 2012: $140,300 (with 52% being REO/Short Sales)
• 2013: $158,000
• 2014 $175,000
• 2015: $221,000

Lower sales in February 2014 were blamed on the weather which was a one, two punch of both cold and snow.

Remember, February closings usually went under contract earlier- in December and January.

This year, winter weather wasn’t really a factor until the record cold and snow in February (which should show up in the March and April closings, if it impacted sales at all.)

The Illinois Association of Realtors doesn’t blame the weather this year. It blames low inventories.

Statewide, inventories are down 4.8% but market times have ticked up to 91 days from 88 days.

“Sellers should definitely be motivated by this market,” said Jim Kinney, ABR, CRB, CRS, GRI, president of the Illinois Association of REALTORS® and vice president for luxury sales at Baird & Warner in Chicago. “The lower inventories and relatively short time it takes to sell a home are indicators that the housing market is quite robust entering into the busy spring season.”

Mortgage rates continue to be well under the year ago levels. A 30-year fixed rate mortgage averaged 3.68% versus 4.32% a year ago.

“Chicago’s spring buying season is starting strong. In a sign of buyer confidence, year-over-year city sales increased for the first time since last summer despite the low inventory,” said Hugh Rider, president of the Chicago Association of REALTORS® and co-president of Realty & Mortgage Co. “This is welcome news for potential sellers who might have been tepid about putting their home on the market. Homeowners also can be motivated by median sales prices that continue to top last year’s.”

Last year, the weakness in the spring remained throughout the year.

With these improved February numbers, will Spring 2015 be a different story?

Illinois home prices surge 13.1 percent in February; Home sales decline 1.7 percent amid tight inventories [Illinois Association of Realtors, Press Release, March 23, 2015]

There are a LOT of penthouses coming on the market this spring in Chicago including this 3-bedroom penthouse at 415 E. North Water in Streeterville.

But this one stands out for its unique features.

At 9300 square feet, this 2-level unit includes a 67 foot wraparound terrace.

It also has a 500 gallon hot tub and a private basketball and squash court (see the pictures to check that out.)

The unit also has 3 saltwater aquariums.

The listing says $1 million+ was spent on exotic stone.

There are floor to ceiling windows with North and West exposures.

It also has 3-car parking included.

Listed at $12.95 million, it ranks as one of the most expensive properties on the market downtown.

Who’s the buyer for this type of property and will this sell close to ask?

Philip Skowron at @Properties has the listing. See the pictures here.

Unit #PH05: 3 bedrooms, 3.5 baths, 9300 square feet

• I can’t determine a prior sales price. It looks like multiple transactions
• Currently listed at $12.95 million
• Assessments of $6508 a month (includes central air, gas, water, doorman, exercise room)
• Taxes of $89,819
• Central Air
• Washer/dryer in the unit
• 3-car parking included
• Bedroom #1: 20×16 (main level)
• Bedroom #2: 14×14 (main level)
• Bedroom #3: 18×14 (main level)
• Basketball court: 38×36 (second level)
• Squash court: 32×20 (second level)

This top floor vintage 2-bedroom at 739 W. Brompton in East Lakeview came on the market in February 2015.

Built in 1924, the mid-rise building has 9 units.

This penthouse has the large layout you would expect from that era with a full-size dining room and sunroom.

Many of the original features remain including wainscoting, moldings, and a wood burning fireplace in the living room.

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

There is a marble bath in the master bathroom.

The unit has most of the features buyers look for including washer/dryer in the unit and central air.

There’s no parking, however. It appears to be rented in the neighborhood.

At 1800 square feet, is this a good townhouse alternative for a buyer who loves vintage?

Richard Curto at Baird & Warner has the listing. See the pictures here.

Unit #3N: 2 bedrooms, 2 baths, 1800 square feet

• Sold in April 1996 for $207,000
• Sold in August 2009 for $405,000
• Originally listed in February 2015 for $465,000
• Still listed at $465,000
• Assessments of $272 a month (includes cable, water)
• Taxes of $7067
• Central Air
• Washer/Dryer in the unit
• No parking- looks like it is rental in the neighborhood for up to $280 a month
• Wood burning fireplace
• Bedroom #1: 14×14
• Bedroom #2: 14×13
• Dining room: 19×12
• Living room: 20×15
• Kitchen: 13×10
• Sunroom: 15×8

This 3-bedroom at 2400 N. Lakeview in Lincoln Park just came on the market.

This is a Mies Van Der Rohe designed building built in 1963 with 264 units.

The listing for this unit says it has been fully gutted with new electric and plumbing. It also apparently has a new layout.

It has dark wide planked wood floors.

The kitchen and baths have modern finishes reflecting the Mies aesthetic.

The kitchen has white and wood modern cabinets with Miele and Thermador appliances and subway tiles.

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

There’s also parking but I can’t tell if it’s leased or included.

All three of the bedrooms are generously proportioned.

It has East, West and North exposures and overlooks Lincoln Park.

Is this unit a good alternative for those looking for a family home in Lincoln Park?

Tamar Kasey at Redfin has the listing. See the pictures here.

Unit #2906: 3 bedrooms, 2 baths, no square footage listed

• Sold in February 2011 for $405,000
• Currently listed for $645,000
• Assessments of $1056 a month (includes a/c, doorman, cable, pool)
• Taxes of $5899
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 12×16
• Bedroom #2: 15×12
• Bedroom #3: 16×10
• Foyer: 17×9

This 2-bedroom at 1228 W. Monroe in the West Loop came on the market in February 2015.

The building was built at the top of the housing boom in 2006.

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

Both bedrooms apparently measure 10×10.

The listing says it can be rented out for $1800 a month so it’s being marketed as an investment unit.

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

We last chattered about this building in 2011 which was close to the bottom of the market.

Back in 2011, a 1000-square foot 2/2 was bank owned and ended up selling for $192,000.

Not many of you thought it was a “deal” at that price, as it was bought with all cash.

Sonies said he’d rather put his cash in “passive investing.”

Bob said there was no longer appreciation so why not just invest it in something with a dividend?

Jenny said that 2/2s outside of the Gold Coast were heading under $200,000.

See the discussion here.

A LOT has changed since 2011, obviously.

This unit is just a 2/1 and it is listed well above its 2006 peak bubble price at $350,000. That’s over 30% appreciation since 2006.

How high will prices go in the West Loop?

Nicholas Calabrese at Re/Max Premier Properties has the listing. See the pictures here.

Unit #208: 2 bedrooms, 1 bath, 872 square feet

• Sold in July 2006 for $266,500
• Originally listed in February 2015 for $379,999
• Reduced
• Currently listed at $350,000 (includes 1-car parking)
• Assessments of $256 a month
• Taxes of $2892
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 10×10
• Bedroom #2: 10×10

This 4-bedroom vintage unit at 220 E. Walton in the Gold Coast came on the market in November 2014.

Built in 1919, the listing says it is being sold by only the second occupant in the last 95 years.

Now those two owners saw a LOT of Chicago history from their windows.

The building has just 19 units.

There are only 2 units per floor and this one is 3000 square feet.

It has north and south exposures and the vintage features you would expect from a 1919 building including a 25×9 foyer and crown molding.

There is a wood burning fireplace in the living room.

The listing says it has space pac central air but there are window A/C units in several of the bedrooms.

Two of the four bedrooms are the typical massive sized vintage bedrooms but the other two bedrooms are behind the kitchen and are tiny. Those were likely the servants’ bedrooms.

It also has a library which the listing calls a family room.

There’s in-unit washer/dryer but no parking. It is available for rent nearby.

Originally listed for $925,000, it has been reduced to $875,000.

For someone with vision, and who wants to renovate, is this a good deal?

Richard Anselmo at @Properties has the listing. See the pictures here.

Unit #5E: 4 bedrooms, 4 baths, 3000 square feet

• There’s no prior sales info since it was so long ago
• Originally listed in November 2014 for $925,000
• Reduced twice
• Currently listed at $875,000
• Assessments of $2760 a month (includes water, heat, doorman)
• Taxes of $11455
• Listing says there is space pak central air
• Washer/dryer hook up in unit
• Wood burning fireplace
• Bedroom #1: 20×12
• Bedroom #2: 20×12
• Bedroom #3: 12×8
• Bedroom #4: 12×8
• Kitchen: 17×13
• Dining room: 19×13
• Library: 15×13