Crib Chatter

It’s time to check in on how hot the market really is. We all know there is low inventory but how many sales are really taking place?

From the Illinois Association of Realtors:

The city of Chicago saw a 10.2 percent year-over-year home sales increase in February 2013 with 1,378 sales, up from 1,250 in February 2012.

The median price of a home in the city of Chicago in February 2013 was $158,000 up 12.9 percent compared to February 2012 when it was $140,000.

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: 1378

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

The Condo/Townhouse sales data since 2008 (thanks to G again):

• 2008: 1087 sales, median price of $314,900
• 2009: 451 sales, median price of $280,000 (with 18% being REO/Short Sales)
• 2010: 660 sales, median price fo $250,000 (with 33% being REO/Short Sales)
• 2011: 604 sales, median price at $193,500 (with 46% being REO/Short Sales)
• 2012: 692 sales, median price at $165,250 (with 50% being REO/Short Sales)
• 2013: 779 sales, median price at $200,000

“The bumpy recovery of the housing market continues,” noted Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory at the University of Illinois. “Sales continue to experience year-over-year gains and the number of foreclosed property sales continues to exceed new additions to this part of the inventory.”

“Our clients are hopeful about the consistently strong market indicators,” said REALTOR® Zeke Morris, president of the Chicago Association of REALTORS® and Operating Principal and Managing Broker, Keller Williams Realty, CCG.

“City of Chicago home sales in the first two months of 2013 were 21.8 percent above where they were at the same time in 2012, despite the fact that sales traditionally slow in winter. The current market renewal leaves no question about Chicagoans’ continued desire for homeownership. What’s critical is that lenders more actively foster loan product for buyers across the financial spectrum.”

Bidding wars and lack of inventory continues to plague the market in March.

Will a lack of supply but a damper on the housing recovery?

February home sales in Illinois up 16.2 percent from a year ago; statewide median price marks sixth straight month of year-over-year gains [Illinois Association of Realtors, Press Release, Mar 21, 2013]

This 4-bedroom Dutch Colonial at 4522 N. Knox in the Mayfair neighborhood of Irving Park recently came on the market.

The listing says it’s been “gut rehabbed.”

It was previously bank owned in 2011 and the old listing pictures show that it was actually boarded up.

See the previous listing pictures here.

Built on an oversized 50×135 lot, it has a rare side drive with a 2-car garage.

There are hardwood floors throughout the main floor and crown molding.

The kitchen is described in the listing as a “chef’s kitchen” with granite counter tops and stainless steel appliances but it looks to be the same maple cabinets and counter tops that were in the kitchen previously.

3 of the 4 bedrooms are on the second level with the fourth in the basement.

The listing says it has a Florida room but it doesn’t appear to have a family room. I’m not sure what all the space in the basement is used for.

It has central air.

The house is in a good location for commuters with the blue line El stop and the Edens Expressway just a few blocks away.

Will this house sell fast at this price?

Chester Jakala at Telequest Corporation has the listing. See the pictures here.

4522 N. Knox: 4 bedrooms, 2.5 baths, 2700 square feet, 2 car garage

• Sold in February 2000 for $185,500
• Sold in December 2002 for $320,000
• Lis pendens filed in March 2008
• Bank owned in January 2011
• Sold in October 2011 for $115,000
• Currently listed for $425,000
• Taxes of $6138
• Central Air
• Bedroom #1: 20×12 (second floor)
• Bedroom #2: 12×11 (second floor)
• Bedroom #3: 10×11 (second floor)
• Bedroom #4: 17×14 (basement)

This 3-bedroom townhouse at 2709 N. Racine in Lincoln Park came on the market in February 2013.

It is a short sale.

It was briefly off the market before returning listed at the same price of $425,000.

Someone recently complained that the townhouses mainly sport the “same” floorplan.

This 1700 square foot townhouse has some unique features including 20 foot vaulted ceilings in the living room.

It has an open concept living/dining and kitchen on the first floor with a patio and side yard along with floor to ceiling windows.

The townhouse also has exposed brick and a stone fireplace.

The kitchen has white cabinets, a granite breakfast bar and stainless steel appliances.

One bedroom and a loft is on the second floor with the two remaining bedrooms on the third floor.

One thing it’s missing that a lot of townhouses have, however, is a family room.

The townhouse has central air and gated parking.

If you’re willing to wait out the short sale, is this a deal?

Margaret Blondis at Dream Town has the listing. See the pictures here.

Unit #B: 3 bedrooms, 2 baths, 1700 square feet, 1 car gated parking

• Sold in May 1990 for $207,500
• Sold in January 1994 for $210,000
• Sold in May 1996 for $230,000
• Sold in November 2003 for $400,o00
• Sold in November 2006 for $507,500
• Lis pendens foreclosure filed in January 2012
• Originally listed as a “short sale” in February 2013 for $425,000
• Withdrawn
• Re-listed and still a “short sale” for $425,000
• Assessments of $136 a month
• Taxes of $7223
• Central Air
• Bedroom #1: 15×12 (third floor)
• Bedroom #2: 14×13 (third floor)
• Bedroom #3: 14×13 (second floor)
• Loft: 6×5

This is the third time we’ve chattered about this 2-bedroom in the Gaslight Court complex at 1407.5 N. Wells in Old Town.

See our June 2010 chatter here.

It sold in 2009 and again in 2010.

In 2009, the square footage was listed at just 700 square feet.

The 2010 listing and this current listing don’t list the square footage, however.

The kitchen is the same as it was previously.

It has maple cabinets, white appliances and an island.

There’s no central air. It is window units only.

There also isn’t any parking with the unit, but it does have an in-unit washer/dryer.

It sold for $250,000 in September 2010.

The unit has come back on the market for $70,000 more than the 2010 purchase price.

Is the market hot enough for this kind of appreciation over the last 3 years?

Kenneth Beltran at D’aprile properties has the listing. See the pictures here.

Unit #3E: 2 bedrooms, 1 bath, approximately 700 square feet (according to the 2009 listing)

• Sold in January 2002 for $190,000
• Was listed in February 2009 for $256,000
• Reduced
• Was listed in April 2009 for $249,900
• Sold in June 2009 for $235,000
• Listed in June 2010 for $259,900
• Sold in September 2010 for $250,000
• Currently listed for $320,000
• Assessments now $350 a month (they were $266 a month in 2010)
• Taxes now $3678 (they were $2642)
• No central air- window units only
• In-unit Washer/dryer
• No parking
• Balcony
• Bedroom #1: 11×11
• Bedroom #2: 10×10
• Living room: 19×13
• Kitchen: 13×9

This 3-bedroom townhouse at 3157 N. Honore in North Center came on the market in February.

These are selling fast as there is a sister 3-bedroom in the same complex with the same square footage that is already under contract.

You can see pictures of that one at 3147 N. Honore here for comparison.

This townhouse is bigger than your standard starter 2/2 townhouse.

At 2690 square feet, it has 4-levels of living which includes a private rooftop deck.

It has Brazilian cherry floors throughout.

The kitchen, which is on the second floor along with the living and dining rooms, has 42 inch cherry cabinets, granite counter tops and Viking appliances.

It also has the much sought after 2-car garage which is difficult to find in townhouses.

Since it was listed in February, it has reduced $10,000.

The sister unit which is under contract is listed at $594,900. This one is now listed at $589,900.

That is also $55,100 under the 2007 price.

Are townhouses the new “affordable” alternative to a single family home in the north side neighborhoods?

Charles Michalak at Broz Group Real Estate has the listing. See the pictures here.

3157 N. Honore #6: 3 bedrooms, 2.5 baths, 2690 square feet, 2 car garage

• Sold in March 2007 for $645,000
• Originally listed in February 2013 for $599,000
• Reduced
• Currently listed for $589,900
• Assessments of $325 a month
• Taxes of $11,318
• Central Air
• Bedroom #1: 15×14 (third floor)
• Bedroom #2: 18×13 (fourth floor)
• Bedroom #3: 18×13 (fourth floor)
• Family room: 15×13 (main floor)
• Living/dining/kitchen: (second floor)

Not everything is selling quickly. Case in point is this 3-bedroom single family home at 3853 N. Keeler in Old Irving Park.

It became bank owned in April 2012 and has been on and off the market since last August.

The house was built in 2006 on an extra large 62×124 lot.

It has a separate 3-car garage and central air.

From the listing pictures, the kitchen appears intact with stainless steel appliances and cherry cabinets.

It has some unique features including a 2-story atrium.

The house has been reduced $50,000 since last August to $729,900.

It is now listed $320,100 under the 2006 purchase price.

At what price will this house finally sell?

Angel Aguilar at Re/Max Fidelity has the listing. See the pictures here.

3853 N. Keeler: 3 bedrooms, 3.5 baths, no square footage listed, 3 car garage

• Former house sold at $390,000
• Sold in June 2006 for $1.05 million
• Lis pendens foreclosure filed in July 2010
• Bank owned in April 2012
• Originally listed in August 2012 for $779,900
• Reduced
• Withdrawn in January 2013
• Re-listed in March 2013 for $729,900
• Taxes of $9025
• Central Air
• Bedroom #1: 19×13 (second floor)
• Bedroom #2: 12×11 (second floor)
• Bedroom #3: 12×12 (second floor)
• Family room: 36×16 (lower level)
• Office: 15×15 (lower level)

This 3-bedroom townhouse at 832 W. Wolfram in Lakeview recently came on the market.

The listing calls it a townhouse but as you can see from the picture above, it appears to be behind the house in the front. That’s the door to the right behind the house in front.

Is it a coach house?

The listing says there’s a monthly assessment but doesn’t list it.

It does have some unique features including exposed brick walls and arched doorways.

The property has ebony wood floors.

The kitchen has white cabinets and counter tops.

There is a double height living room.

There is no floor plan listed but it appears that two bedrooms are on the main level, the living/dining/kitchen on the second level and the master bedroom on the third floor.

There is no family room.

It has central air and a 1.5 car garage.

This townhouse is listed 47% higher than the 2004 price at $678,900.

Will it get the premium?

Douglas Smith at Prudential Rubloff has the listing. See the pictures here.

832 W. Wolfram: 3 bedrooms, 2.5 baths, no square footage listed, 1.5 car garage

• Sold in October 1995 for $264,000
• Sold in May 2004 for $463,000
• Currently listed for $678,900
• Assessments are ? (they are not listed but there appears to be a monthly assessment)
• Taxes of $6732
• Central Air
• Bedroom #1: 16×12 (third floor)
• Bedroom #2: 15×11 (main level)
• Bedroom #3: 9×11 (main level)
• Living/dining combo: 29×18

This 2-bedroom at Lake Point Tower at 505 N. Lake Shore Drive in Streeterville recently came on the market.

This is the building that many kids dream of living in someday as they drive past on their way to museums or Navy Pier.

Built in 1968, the 720 unit building has unobstructed city, lake and harbor views that stretch for miles.

But many of the units show their age.

The listing for this 2-bedroom says it has had a “stunning renovation.”

It now has porcelain slate tile floors throughout – even in the bedrooms.

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

The corner unit has a lot of windows but it also has motorized window treatments.

There is no central air but there is air conditioning through the wall units.

The unit also has an in-unit washer/dryer and parking is available for $85,000.

Lake Point Tower is a full service building with a doorman, a pool and an exercise room.

Will it take long to sell this move-in ready unit?

Bernadette Carter at Coldwell Banker has the listing. See the pictures here.

Unit #2407: 2 bedrooms, 2 baths, 1450 square feet

• Sold in July 1989 for $251,500
• Currently listed at $689,000 (parking is $85,000 extra)
• Assessments of $895 a month (includes doorman, cable, pool)
• Taxes of $7756
• No central air- wall units only
• In-unit washer/dryer
• Bedroom #1: 20×11
• Bedroom #2: 14×11

We last chattered about this 3-bedroom brick single family home at 3408 N. Bosworth in the Southport neighborhood of Lakeview in October 2010.

See our previous chatter here.

We had a very productive discussion about who would live near the El line tracks and at what price. (We also discussed the possibility of the El lines being buried underground. Dream on…)

This house originally came on the market in April 2010 for $749,000 which most of you thought was way too high. Several of you thought this would sell in the $300,000s. Some said they wouldn’t even pay $100,000 to live that close to the El.

If you recall, the house has most of the features buyers look for including central air and a 2 car garage.

Built in 1877 on a 25×125 lot, it has some of its original features including stained glass but also has been updated, including a new chef’s kitchen with Viking and Jennair appliances, white cabinets and granite counter tops.

2 of the 3 bedrooms are on the second floor and the property has an unfinished basement.

The house only has 1 bathroom however.

Before it was withdrawn from the market in 2010, this house was listed as low as $589,000.

Re-listed at a time when there’s very low inventory, will buyers now overlook the location?

Deborah Nick at Conlon now has the listing. See the pictures here.

3408 N. Bosworth: 3 bedrooms, 1 bath, no square footage listed, 2 car garage

• Sold in February 1996 for $132,000
• Sold in February 1997 for $170,000
• Sold in June 2002 for $428,000
• Sold in July 2005 for $569,000
• Originally listed in April 2010 for $749,000
• Reduced
• Was listed in October 2010 for as low as $589,000
• Withdrawn
• Currently listed for $599,000
• Taxes now $10,747 (they were $8523 in Ocotber 2010)
• Central Air
• Bedroom #1: 15×14 (second floor)
• Bedroom #2: 14×10 (second floor)
• Bedroom #3: 11×8 (main floor)
• Living room: 23×12
• Dining room: 12×12
• Kitchen: 16×9
• Mudroom: 9×6
• Unfinished basement

This 2-bedroom duplex up loft at 375 W. Erie in River North just came on the market.

It is an authentic loft with exposed brick walls and exposed timber beams on the ceiling.

The main floor has the living/dining/kitchen and the second bedroom and bath.

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

The second level has the master suite complete with a large private terrace.

It has central air, washer/dryer in the unit and one parking space included, with a second one available for $30,000.

This loft last sold in December 2010 for $490,000 which included 2 parking spaces.

The only difference visible in the pictures between then and now is that the kitchen now has stainless appliances (they were black previously.)

If you include the second parking space, the unit is now listed for $609,000, or $119,000 more than 2010 purchase price.

Will this loft get the premium?

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

Unit #518: 2 bedrooms, 2 baths, 1800 square feet, duplex up

• Sold in May 1998 for $336,500
• Sold in November 2003 for $485,000 (included 2 parking spaces)
• Sold in December 2010 for $490,000 (included 2 parking spaces)
• Currently listed for $579,000 (includes 1 parking space with a second available for $30,000)
• Assessments of $656 a month (includes doorman)
• Taxes of $7078
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 18×18 (second floor)
• Bedroom #2: 13×12 (first floor)
• Deck: 20×16