Crib Chatter

The 10-year treasury hit a 2-year high yesterday of 2.89%.  That is pushing mortgage rates up over 4.5%.

Many people who were looking to buy properties this summer have already locked in lower rates. Many locks are good for up to 3 months so properties that went under contract even 60 days ago that haven’t yet closed will most likely get lower rates.

But if rates stay at this level, the 3.3% 30-year fixed mortgage rates look to be a thing of the past for many buyers.

We’ve debated many times over the last 6 years whether or not rising rates would impacct buyers.

Another wrinkle in this market is that a large percentage of purchases are being made with all cash, which makes the mortgage rates moot anyway.

What’s the level at which rates would have to rise to really make an impact on sales?

Have we hit it already or is it some magic figure like 5% or 6%?

We’ve chattered about this house at 3526 N. Marshfield in Lakeview several times over the last year.

See our April 2012 chatter here.

It not only has “ornately carved faces” on the exterior (see the listing to see plenty of pictures) but in prior listings it talked about “underground tunnels”- although that reference has now been removed.

But in case you want to own a house with a past, this house was apparently once owned by a Chicago celebrity (of whom many of you named in the first chatter we did on this property back in March 2012- and she lived in the house nearly 20 years ago!).

See the March 2012 chatter here.

If you recall, the house was built in 1889. It is on an irregular lot measuring 27.2×73.5x60x51.5.

The listing still says the house is being sold “as-is.”

All four bedrooms are on the second level and there is a family room in the basement.

The kitchen has dark cabinets and white appliances as well as a kitchen island.

The house has central air and a “gated yard with parking for 1-car”.

The house is now listed for $64,000 more than last year.

Will the hot market matter with this property?

David Bovyn at Kale Realty still has the listing. See the pictures here.

3526 N. Marshfield: 4 bedrooms, 2.5 baths, 2500 square feet, 1 car parking

• Sold in July 1991 for $160,500
• Sold in February 1994 for $176,000
• Was listed in March 2012 “as-is” for $550,000
• Reduced
• Was listed in April 2012 at $539,000
• Withdrawn
• Re-listed in July 2013 for $650,000
• Reduced
• Currently listed at $599,000
• Taxes now $8056 (they were $7958 in April 2012)
• Central Air
• Bedroom #1: 20×12 (second floor)
• Bedroom #2: 15×13 (second floor)
• Bedroom #3: 16×12 (second floor)
• Bedroom #4: 9×12 (second floor)
• Family room: 30×17 (lower level)

We last chattered about this 3-bedroom French Normandy house at 1901 N. Newcastle in Galewood in May 2013.

See our prior chatter here.

Previously, it was the most expensive home on the market in Galewood but that is no longer the case as it has been reduced to $347,000.

If you recall, it was built in 1948 on an oversized corner lot measuring 37×125, it has hardwood floors throughout the first floor and crown molding.

There is a marble fireplace in the living room.

It has the preferred layout of all three bedrooms being on the second floor.

The listing also says that there is a bathroom on each floor but it looks to have 1 full bath and 2 half baths.

There’s a family room in the finished basement.

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

The market isn’t just hot in the GreenZone. Other homes are under contract in Galewood.

Will this latest price reduction make this house competitive in the Galewood market?

Christine Todde at Century 21 Grande Realty has the listing. See the pictures here.

1901 N. Newcastle: 3 bedrooms, 1 bath, 2 half baths, 2000 square feet, 2 car garage

• Sold in April 1997 for $210,000
• Sold in May 2007 for $430,000
• Previously listed from 2009-2011
• Was listed in May 2013 for $360,000
• Reduced
• Currently listed at $347,000
• Taxes of $5667
• Central Air
• Bedroom #1: 15×14 (second floor)
• Bedroom #2: 14×10 (second floor)
• Bedroom #3: 13×12 (second floor)
• Family room: 20×11 (basement)

We last chattered about this 2-bedroom cottage at 3908 N. Paulina in Lakeview in July 2011.

See our prior chatter here.

The house has been on and off the market since February 2009.

Listed in 2011 for $400,000, Homedelete thought it would sell quickly due to it being in Blaine even though it doesn’t have any parking.

But it was withdrawn from the market in October 2011 without a sale.

If you recall, the house has hardwood floors throughout the first level.

The bedrooms are split, with one on the main level and the master bedroom on the second floor.

There is also a den on the second floor.

The listing says the kitchen has been “renovated” and has maple cabinets, granite counter tops and stainless steel appliances.

The house has central air and a full basement with a laundry room.

The one thing it’s missing is parking as it’s built on a smaller than average Chicago lot of 25×60 which does not back up to an alley.

With this hot market, will lack of parking even matter?

Scott Berg at Berg Properties has the listing. See the pictures here.

3908 N. Paulina: 2 bedrooms, 2 baths, 1200 square feet

• Sold in August 2000 for $252,000
• Sold in April 2006 for $430,000
• Originally listed in February 2009 for $517,900
• Reduced numerous times
• Was listed in April 2010 for $464,900
• Withdrawn
• Was listed in July 2011 for $400,000
• Withdrawn
• Currently listed for $399,900
• Taxes are now $5601 (they were $4605 in July 2011)
• Central Air
• No Parking/Garage
• Bedroom #1: 14×11 (second floor)
• Bedroom #2: 10×10 (main floor)
• Living room: 13×13
• Dining room: 13×13
• Kitchen: 8×10
• Den: 8×13 (second floor)

This 1-bedroom in 600 N. Fairbanks in Streeterville just came on the market.

It is not one of the large one bedrooms you will see in some buildings with 1.5 baths and a “den”.

It is 821 square feet with just one bathroom.

It has 10 foot concrete ceilings and floor to ceiling windows.

The unit faces west and has a small balcony.

All the kitchens in the building were Snaidero and have luxury appliances like Subzero.

The bathroom is stone.

Here are the recent sales and pending prices of other 06-tier 1-bedrooms:

• #1506 sold in May 2013 for $410,100 with the parking
• #2806 sold in June 2013 for $415,000 with the parking
• #2406 is under contract priced at $459,000 with parking
• #3206 is under contract priced at $465,000 with the parking
• Now #2306 came on the market at $474,900 with the parking

They all have similar luxury finishes, same view, same 10 foot concrete ceilings.

Is a bubble forming in the 1-bedrooms in this building?

Joseph Siciliano at Coldwell Banker has the listing. See the pictures here.

Unit #2306: 1 bedroom, 1 bath, 821 square feet

• Sold in March 2008 for $400,000 (with the parking)
• Sold in April 2008 for $425,000 (with the parking)
• Currently listed at $474,900 (with the parking)
• Assessments of $431 a month (includes gas, doorman, cable, pool)
• Taxes of $5934
• Central Air
• Washer/Dryer in the unit
• Bedroom: 16×12

We last chattered about this 3-bedroom penthouse loft at the Gallery Lofts at 3323 N. Paulina in Lakeview in May 2013.

See our prior chatter here.

If you recall, it had many features that loft lovers crave including a timber beamed ceiling.

There was a 3-story atrium with a spiral staircase that connected the floors.

The kitchen, with maple cabinets and stainless steel appliances, was in the original elevator shaft.

It had west facing windows.

On the third floor there was a small “sitting room” which lead to a private 871 square foot rooftop deck with views of downtown.

It had central air, washer/dryer in the unit and 1-car garage parking.

In our previous chatter, many of you were surprised at the list price and thought it was too high.

But it sold quickly, and for $10,000 over the ask, at $760,000, although that was still under the 2006 purchase price.

Another penthouse unit, Unit #5DE, is also on the market.

Unit #5DE tried to sell in February and March of 2012 at $529,000, when the market was decidedly cooler.

It came back on the market in July 2013 for $825,000 and still remains at $825,000.

Will a quick sale be the fate of this other penthouse unit in the same building?

Or did Unit #5H just price it right?

Todd Szwajkowski at Dream Town had the listing. You can still see the pictures here.

Check out the pictures of Unit #5DE here.

Unit #5H: 3 bedrooms, 2.5 baths, 2754 square feet, 1 car parking

• Sold in May 2000 for $519,500
• Sold in April 2004 for $635,000
• Sold in October 2006 for $775,000
• Was listed in May 2013 for $750,000
• Sold in August 2013 for $760,000
• Assessments of $406 a month
• Taxes of $3910
• Central Air
• Washer/Dryer in the unit
• Deck: 871 square feet
• Bedroom #1: 24×23 (second floor)
• Bedroom #2: 17×14 (main floor)
• Bedroom #3: 18×15 (second floor)
• Sitting room: 12×11 (third floor)

I always love seeing properties we chattered about years ago come back on the market like this 2-bedroom townhouse at 648 W. Willow in Lincoln Park.

We last chattered about it in April 2008. See our chatter here (with interior pictures).

Boy, how things have changed since then in the Chicago housing market.

The townhouse is the front unit in this 4-unit complex so it has a front patio that faces the street.

The first floor has the living room.

The second floor has a family room, dining room and a kitchen with black appliances.

The two bedrooms are on the third floor.

It has central air and 1-car parking.

The listing says it’s in the Lincoln school district.

The townhouse has come on the market $15,100 under the 2008 purchase price.

Is this a deal?

Juliana Yeager at @Properties has the listing. See the pictures here.

Unit #S: 2 bedrooms, 2 baths, no square footage listed, 1 car parking

• Sold in June 1994 for either $220,000 or $229,000 (it’s unclear from the public record)
• Sold in May 2005 for $480,000
• Sold in July 2008 for $485,000
• Currently listed at $469,900
• Assessments of $85 a month (includes water)
• Taxes of $7089
• Central Air
• Bedroom #1: 14×11 (third floor)
• Bedroom #2: 13×9 (third floor)
• Family room: 15×12 (second floor)
• Living room: 18×13 (main floor)

This 3-bedroom at 500 W. Superior in River North came on the market in May 2013.

We’ve been chattering about “family” sized condo units and whether or not you could have single family home amenities in a downtown high rise.

This unit fits many of the unicorn criteria.

The north facing unit has 3056 square feet and has a family room, a small office (urban mommy- you could store your stroller in there) and a 11×8 laundry room with its own sink.

The kitchen has luxury finishes including Sub-Zero and Wolf appliances and a wine fridge along with a massive stone-topped center island.

The unit also has 15 foot ceilings, extensive crown moldings and 4 1/2 bathrooms.

The building is a full service building but doesn’t have a swimming pool. Instead, you’ll have to settle for an exercise room, bike room and party room.

2-car parking is included with the unit.

Is this a good single family home substitute?

Sophia Klopas at Koenig & Strey Real Living has the listing. See the pictures here.

Unit #2706: 3 bedrooms, 4 1/2 baths, 3056 square feet

• Sold in April 2007 for $1,608,000
• Sold in September 2009 for $1,706,500
• Originally listed in May 2013 for $1,995,000
• Reduced
• Currently listed at $1,895,000
• Assessments of $1890 a month (includes a/c, gas, cable, doorman, exercise room)
• Taxes of $16,657
• Central Air
• Washer/dryer in the unit
• 2 car garage parking included
• Bedroom #1: 18×16
• Bedroom #2: 14×13
• Bedroom #3: 14×13
• Family room: 18×15
• Living room: 11×8
• Office: 15×9

We were chattering recently about the perceived lack of large “family” type condos in downtown high rises where you could raise a few kids and enjoy high rise amenities like pools and party rooms.

A lot of new condo development still seems to be marketed to 20-somethings without kids who don’t need a lot of space.

See the chatter here.

This 3-bedroom in 415 E. North Water in Streeterville has been on the market since May.

It is slightly outside of the price range we chattered about which was $1.5 million to $2 million, but it appears to meet all the “unicorn” criteria that were mentioned.

The northwest corner unit has as much space as many single family homes with 3498 square feet.

It has generous bedroom sizes, including a large master suite, as well as a family room and an actual 10×7 laundry room (urban mommy- check out picture #23).

The kitchen has luxury stainless steel appliances, granite counter tops and a tile backsplash.

The building has everything that was mentioned including:

• indoor pool
• exercise room
• party room
• sauna
• bike room
• doorman

The unit even has 2-car parking.

To top it off, the listing says it’s in the Ogden school district.

Is this the perfect city family home for those with kids?

Elizabeth Ballis at Coldwell Banker has the listing. See the pictures here.

Unit #2506: 3 bedrooms, 3 baths, 3498 square feet

• Sold in November 2006 for $1,612,500
• Originally listed in May 2013 for $2.25 million
• Reduced
• Currently listed at $2.199 million
• Assessments of $1621 a month (includes pool, doorman, gas, cable)
• Taxes of $20,067
• Central Air
• Washer/dryer in the unit
• 2-car parking included
• Bedroom #1: 22×20
• Bedroom #2: 21×13
• Bedroom #3: 14×14
• Family room: 16×17
• Laundry room: 10×7

This large 1-bedroom in the Mies Van der Rohe co-op at 860 N. Lake Shore Drive in Streeterville just came on the market. (Is this the right Mies building in the picture? I always get the two mixed up. It might be the condo building next door.)

Built in 1951 with floor to ceiling windows, it has been renovated from a 2-bedroom into a 1-bedroom plus office.

But that’s not all.

It has a brand new kitchen with Subzero appliances, built-ins with a wine cooler, a Creston audio system, Lutron automated blinds and new baths.

All that seems to be missing is in-unit washer/dryer (which CAN be put in in this building.)

It has wall unit air conditioning and parking is available for $60,000 in the building.

The unit has north and west city and lake views.

Yes, the assessments are $1993 a month. It’s a co-op. Not sure if this includes the taxes (which aren’t listed.)

According to the listing, no pets are allowed in the building.

With buyers wanting “new” will this rehab sell quickly?

Ozgur Ozar at Prudential Rubloff has the listing. See the pictures here.

Unit #14J: 1 bedroom, 2 baths, 1600 square feet, co-op

• I don’t have a prior price because it’s a co-op
• Currently listed for $595,000
• Taxes are $0
• Assessments of $1993 a month (includes heat, electric, gas, doorman, taxes?)
• No central air- wall units
• No in-unit washer/dryer
• Parking is $60,000
• Bedroom #1: 11×17
• Office: 10×13