Crib Chatter

This 2-bedroom brick and timber loft at 3201 N. Ravenswood in Lakeview just came on the market.

At 1000 square feet, it has a fully enclosed master bedroom.

It also appears that both bedrooms have windows.

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

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

Is this a good rental apartment alternative for a first time homebuyer?

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

Unit #307: 2 bedrooms, 2 baths, 1000 square feet, loft

• Sold in November 1993 for $130,000
• Sold in July 1997 for $172,000
• Sold in June 2010 for $314,000
• Currently listed for $355,000 (parking included)
• Assessments of $205 a month
• Taxes of $4811
• Central Air
• Washer/dryer in the unit
• Bedroom #1: 16×15
• Bedroom #2: 13×11

How hot was the Chicago housing market in June?

From the IAR:

The city of Chicago saw a 12.5 percent year-over-year home sales increase in June 2013 with 2,623 sales, up from 2,332 in June 2012.  

The median price of a home in the city of Chicago in June 2013 was $254,900 up 17.5 percent compared to June 2012 when it was $217,000. Chicago condo prices also saw double-digit gains for the month, posting a 14.5 percent jump to $286,750. Average time on market in the city was 51 days, down 32.9 percent compared to 76 days last June.

Here is the prior sales data (thanks to G for the older historical data):

• June 2013: 2623 sales- up 12.5%
• June 2012: 2246 – up 22%
• June 2011: 1841- down 27.1% yoy
• June 2010: 2526 sales (tax credit sales)
• June 2009: 1981 sales
• June 2008: 2282 sales
• June 2007: 3,127 sales
• June 2006: 3,557 sales
• June 2005: 3,850 sales
• June 2004: 3,752 sales
• June 2003: 2,891 sales
• June 2002: 2,590 sales
• June 2001: 2,451 sales
• June 2000: 2,513 sales
• June 1999:  2,435 sales
• June 1998:  2,214 sales
• June 1997: 1,817 sales

Here is the monthly median price data:

• June 2013: $254,900- up 17.5%
• June 2012: $216,700- up 4.7%
• June 2011: $207,000- down 11.6% yoy
• June 2010: $234,250
• June 2009: $242,050
• June 2008: $309,945

 “Chicago home sales continue to trend in the right direction, now to the point that they are pushing the whole market and bringing activity to some of our lower-performing neighborhoods as inventory thins city-wide,” said REALTOR® Zeke Morris, president of the Chicago Association of REALTORS® and Operating Principal and Managing Broker, Keller Williams Realty, CCG. “We are encouraged that lower inventory will prompt more sellers to enter the market. For both buyers and sellers, the time is right to get involved.”

 “The rising house prices suggest some significant movements towards a more stable housing market,” noted Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory of the University of Illinois.  “New analysis of the foreclosure process suggests that a return to pre-recession levels could occur early next year, further enhancing the housing recovery. Rising interest rates appear not to be dampening demand and continued upward pressure on rental prices is clearly encouraging more potential buyers into the market.”

This is the first month where rising mortgage rates were recorded but most buyers in June would have locked in at the previously lower rates.

The 30-year fixed mortgage average was 4.09% in June, up from 3.55% in May and also up from 3.67% last June.

Is Dr. Hewings right that higher mortgage rates are being shrugged off?

Or is it too early to tell?

Illinois marks two years of sales gains; sales surge 14.9 percent with strong median price gains in June [Illinois Association of Realtors, Press Release, July 22, 2013]

We’ve chattered about this 3-bedroom vintage row house at 474 W. Deming in East Lincoln Park several times over the past year.

If you recall, it has been on and off the market and finally came back “on” again in May with a new kitchen.

See our May 2013 chatter here.

Last year, when it was originally listed at $949,000, some of you thought that the two outdoor parking spaces were a detriment to a sale at that price.

But it was reduced to $924,500 and then withdrawn.

It came back on the market, however, listed higher at $999,000, but also with a “brand new” eat-in kitchen with Caesarstone counter tops.

To see the old configuration and pictures of the kitchen, look here.

The prior kitchen had white cabinets and a Viking stove but it didn’t have the kitchen island as it does now.

The rowhouse is just a block from Lincoln Park and also just steps away from the shops and restaurants on Clark.

Built in 1882 on a 20×74 lot, it had many of its vintage features such as stained glass, the original wood staircase and crown molding.

Yet it also had central air, a lower level family room and 2 parking spaces directly behind the row house.

All 3 bedrooms were on the second floor along with 2 baths.

The house had also been painted neutral colors on the interior this last time around, although it had not been staged.

It recently sold for $27,000 above the new higher list price.

Was it the kitchen that made the difference compared to last year or the hotter real estate market?

Jennifer Ames at Coldwell Banker had the listing. You can still see the pictures here.

474 W. Deming: 3 bedrooms, 3.5 baths, no square footage listed, 2 parking spaces behind the row house

• Sold in January 1993 for $266,000
• Sold in April 1995 for $307,500
• Sold in February 2001 for $640,000
• Was listed in July 2012 at $949,000
• Reduced
• Was listed in November 2012 at $924,500
• Withdrawn in February 2013
• Re-listed in May 2013 with new kitchen at $999,000
• Sold in July 2013 for $1,026,000
• Taxes of $14,922
• Central Air
• Bedroom #1: 18×17 (second floor)
• Bedroom #2: 19×13 (second floor)
• Bedroom #3: 12×11 (second floor)
• Family room: 30×19 (lower level)

This 3-bedroom Victorian at 1836 N. Lincoln Park West in Old Town recently came on the market.

Built in 1876 for Charles Wacker on a smaller than average Chicago lot of 28×110, it has a 1-car garage and a brick patio in the backyard.

The listing says it has been “restored to perfection” yet many of its vintage features remain including the original moldings, shutters, staircase and Tiffany stained glass windows.

It last sold in 2008 “as-is”, but back then it was a 4 bedroom with only 1.5 baths. It is now a 3-bedroom with 2.5 baths.

All 3 bedrooms are on the second floor and there’s now a master bathroom as well so it seems that the 4th bedroom was sacrificed for the bath.

The listing says the home can be expanded to 5 bedrooms (probably by putting bedrooms in the basement.)

The kitchen has modern brown cabinets with stainless steel appliances and some kind of grey countertops (concrete or stone?).

The house has central air.

Given that there are few “new” houses in Old Town, will this sell quickly near the asking price?

Daniel Pape at Hudson Parker Realty has the listing.  See the pictures here.

Or see it in person at the Open House on Sunday, July 21 from 1- 3 PM.

1836 N. Lincoln Park West: 3 bedrooms, 2.5 baths, no square footage listed, 1 car garage

• Sold in July 2008 “as-is” for $950,000
• Currently listed at $1.729 million
• Taxes of $15333
• Central Air
• Bedroom #1: 14×13 (second floor)
• Bedroom #2: 13×12 (second floor)
• Bedroom #3: 14×9 (second floor)
• Office: 9×8 (main floor)
• Family room: 17×15 (lower level)

This 2-bedroom in Trump Tower at 401 N. Wabash in River North just came on the market.

The listing says it is “1 of only 10 units that are easily rented or the perfect size to live in.”

At 1562 square feet, it has north and west views.

It has a “gourmet kitchen” with Subzero, Wolf and Miele appliances.

The unit has an in-unit washer/dryer and central air.

Parking is leased in the building.

Does it make sense for an investor to buy this unit?

Maria Hocin at Century 21 S.G.R. has the listing. See the pictures here.

Unit #31C: 2 bedrooms, 2.5 baths, 1562 square feet

• Sold in October 2010 for $730,000
• Currently listed for $995,000
• Assessments of $788 a month (includes cable, a/c, doorman)
• Taxes of $11,574
• Central Air
• Washer/Dryer in the unit
• Parking is leased
• Bedroom #1: 17×12
• Bedroom #2: 18×11

This cabana next to the pool at Park Place Tower at 655 W. Irving Park in Lakeview recently came on the market.

We’ve chattered about these unique cabanas in this building before.

It is 100 square feet and has a full bath, with a shower.

There’s no heat or air conditioning.

From the pictures, you can see that it has white cabinets and a microwave in the single room.

What’s the market for a property like this?

Linda DeAngelo at Park Place Real Estate Services has the listing. See the pictures here.

Unit #C020: one room, one full bath, 100 square feet

• Sold in April 2005 for $19,500
• Currently listed for $25,900
• Assessments of $15 a month
• Taxes of $54
• No heat
• No central air

This vintage 3-bedroom at 3020 N. Sheridan in East Lakeview recently came on the market.

Some long time readers may remember this unit because we chattered about it in June 2008.

See our prior chatter and interior pictures here.

Back then, it had gone under contract in just a month which was quick given that the market had already begun to slow down.

We also strangely chattered about the returns in real estate compared to the stock market (but this was before Lehman and the big stock market crash later in the year.)

Back then, it was listed at $599,000 and many of you thought that was a decent price. It ended up selling that September for $502,500.

Nothing has changed with the unit since the 2008 listing, including, from what I can tell from the pictures, most of the paint colors.

If you recall, the 9-unit greystone was built in 1903.

The unit has retained many of its vintage features including crown molding, high ceilings and the dining room has coffered ceilings.

The baths are marble.

The kitchen has cherry cabinets, granite counter tops and stainless steel appliances and is open to the family room.

The unit has central air and washer/dryer in the unit but no parking. It is rental in the neighborhood.

It has come on the market for $94,900 more than the prior peak price in 2006.

Will it get the premium in this hot market?

And will it go under contract in just a month again?

Alex Till at Baird & Warner has the listing. See the pictures here.

Unit #2N: 3 bedrooms, 2.5 baths, 2100 square feet

• Sold in June 1988 for $169,000
• Sold in June 2001 for $410,500
• Sold in September 2006 for $565,000
• Sold in September 2008 for $502,500
• Currently listed for $659,900
• Assessments of $395 a month (includes snow removal)
• Taxes of $7415
• Central Air
• Washer/dryer in the unit
• No deeded parking- rental only in the neighborhood
• Bedroom #1: 14×11
• Bedroom #2: 14×11
• Bedroom #3: 13×11
• Family room: 17×10

We last chattered about this 3-bedroom historic farmhouse at 315 W. Eugenie in the Old Town Triangle Landmark District in June 2013.

See our prior chatter here.

If you recall, it was listed at $500,000 and bids were due within 72 hours.

We debated the strategy of listing it for a low price and whether or not the bidding war would result in the highest price – or if money was going to be left on the table.

Many of us thought it would sell for over $700,000.

The sale just closed for (drumroll please)…$675,000.

Remember, the house was built in 1897 on a 24×120 lot.

It is one of the rare Old Town lots that actually has a 2-car garage.

The house still had the original windows, hardwood floors and trim.

It had an unfinished basement with just 6 foot ceilings.

It was marketed as a fixer. The listing said buyers should bring their contractor.

Back in 2009, it was listed for $1.05 million and didn’t sell.

Are you surprised by the sales price?

Are bidding wars the best way to get maximum returns out of a property?

Burt Fujishima at Coldwell Banker had the listing. You can still see the pictures here.

315 W. Eugenie: 3 bedrooms, 2 baths, 2200 square feet, 2 car garage

• Last sold before 1987
• Originally listed in 2008-2009
• Was listed in 2009 for $1.05 million
• Withdrawn
• Was listed in June 2013 for $500,000
• Best and highest offer due by 12 pm on June 12, 2013
• Sold on July 15, 2013 for $675,000
• Taxes of $13766
• Space Pak
• Bedroom #1: 16×12 (second floor)
• Bedroom #2: 14×12 (second floor)
• Bedroom #3: 18×7 (main floor)

This 1 bedroom loft in the Warehouse Lofts at 312 N. May in the Fulton Market neighborhood of the Near West Side came on the market in June 2013.

This building was part of the Loftminium conversion of loft rental apartments into condos in 2000-2001 in the West and South Loops.

At 1330 square feet, it has the features loft lovers look for including wide open living spaces, huge industrial windows, 13 foot timber ceilings and exposed brick.

The kitchen is newer, with dark cabinets, stainless steel appliances and a tile backsplash.

There are two bathrooms, one which has been updated and one which looks like the original loftminium bathroom with a black and white tile floor.

This 1-bedroom has a den as well as a loft that appears to be accessed via a ladder.

Loftminium buildings were known for their quirky and unique loft layouts. No two were alike.

The loft has central air and in-unit washer/dryer but there is no deeded parking. Parking is rental.

The Fulton Market neighborhood continues to remain the epicenter of hot restaurants and clubs.

Authentic loft inventory is also very low.

Will this sell quickly?

Brooke Vanderbok of @Properties has the listing. See the pictures here.

Unit #4F: 1 bedroom, den, 2 baths, 1330 square feet

• Sold in October 2000 for $191,000
• Sold in April 2006 but price is unclear. Redfin/Zillow say it sold for $128,750 but mortgage information in the public record would seem to indicate the sales price was around $260,000.
• Originally listed in June 2013 for $325,000
• Still listed for $325,000
• Assessments of $238 a month (includes snow removal)
• Taxes of $3200
• Central Air
• Washer/Dryer in the unit
• No deeded parking- rental only for $150-$200.
• Bedroom: 14×13
• Den: 12×7
• Loft: 13×9- second floor

This 2-bedroom at 437 W. Division, which is one of the Parkside of Old Town midrise buildings in Old Town, recently came on the market.

It is a penthouse unit with 11-foot ceilings and 2 terraces, including one which is covered.

The views are North and East.

The listing says it is professionally decorated and has venetian plaster but remember, the furnishings won’t be there when you move in.

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

The bathrooms are “spa-like.”

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

It came on the market at the end of June listed at $485,000 but has now reduced 12.4% to $425,000.

The Parkside development came on the market just as the housing bust was hitting in 2008 and 2009.

5 years later, is the hot condo market lifting values in this development?

Ron Knoll at @Properties has the listing. See the pictures here.

Unit #905: 2 bedrooms, 2 baths, no square footage listed

• Sold in September 2011 for $281,000 (parking included)
• Originally listed in June 2013 for $485,000 (parking included)
• Reduced
• Currently listed at $425,000 (parking included)
• Assessments of $462 a month (includes heat, a/c, gas)
• Taxes of $4983
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×12
• Bedroom #2: 11×11
• Living room: 21×16
• Kitchen: 10×10