Crib Chatter

I almost forgot about the January home sales. Everyone knows it was a hot, hot, hot start to the year in Chicago.

From the Illinois Association of Realtors:

The city of Chicago saw a 32.2 percent year-over-year home sales increase in January 2013 with 1,485 sales, up from 1,123 in January 2012.

The condo market in the city of Chicago showed a sales increase of 29.7 percent to 829 units sold in January 2013.

The median price of a home in the city of Chicago in January 2013 was $159,000 up 7.4 percent compared to January 2012 when it was $148,000.

Here’s the data since 2006 (thanks to G):

• January 2006: 2009 sales and median price of $258,000
• January 2007: 1850 sales and median price of $279,900
• January 2008: 1203 sales and median price of $290,000
• January 2009: 918 sales and median price of $205,000
• January 2010: 1237 sales and median price of $195,000
• January 2011: 1034 sales and median price of $150,000
• January 2012: 1093 sales and median price of $149,000 (not sure why IAR has 1123 sales for last year)
• January 2013: 1485 sales and median price of $159,000

The percentage of total January Chicago sales that were REO/Short Sales:

• 2009: 25%
• 2010: 42%
• 2011: 50%
• 2012: 49%
• ?

Chicago condo/townhouse sales:

• January 2009: 474 sales and median price of $308,625
• January 2010: 675 sales and median price of $279,000
• January 2011: 585 sales and median price of $180,000
• January 2012: 623 sales and median price of $185,000
• January 2013: 829 sales and median price of $202,500

“The first month of 2013 continues to show positive signs of a market recovery in the city of Chicago,” said REALTOR® Zeke Morris, president of the Chicago Association of REALTORS® and Operating Principal and Managing Broker, Keller Williams Realty, CCG. “The median price of a condo rose to $202,500, up 8.7 percent from January of last year. The condo market’s slow revival shows a steady but measured improvement that we will continue to watch as an indicator for the greater health of the city’s housing marketplace in 2013.”

“Foreclosures continue to dampen price gains and reduce inventory levels as prospective sellers are wary of the effect these properties have on their own prospects,” said Geoffrey J.D. Hewings, Director of the Regional Economics Applications Laboratory at the University of Illinois. “However, the sales volumes are impressive and with foreclosure sales continuing to outpace new additions, there is some expectation that over the next year, prices might start to move upward in some sustained fashion.”

What are the issues that could derail this housing recovery this year?

Will rising mortgage rates (if they rise) or continued frustration over low inventory do it?

Home sales, median prices increase in January; housing gains extend into new year [Illinois Association of Realtors, Press Release, February 21, 2013]

We last chattered about this 4-bedroom Colonial Revival at 6270 N. Louise in Historic Old Edgebrook in June 2012.

See our prior chatter here.

At the time, it was listed at $719,000 and sold in September 2012 at $685,000.

Just 6 months later, the house has come back on the market $40,000 higher.

It doesn’t appear that anything was done to the house in the interim, except possibly some new kitchen appliances.

If you recall, it was built in 1924, it has many of its original details including a wood burning fireplace, french doors and crown molding.

The house still has the original butler pantry with built-ins.

The kitchen has granite counter tops and stainless steel appliances.

Constructed on a non-standard Chicago lot measuring 100x100x127x75, it has central air and a 1-car garage.

Three of the 4 bedrooms are on the second floor with the fourth on the third floor. There is also a main floor family room and an unfinished basement.

Will the house get the premium over just 6 months ago in this hot, low inventory market?

Robin Allotta at Conlon now has the listing. See the pictures here.

6270 N. Louise: 4 bedrooms, 2 baths, 3425 square feet, 1 car garage

• I couldn’t find an original purchase price
• Originally listed in April 2012 for $749,000
• Reduced
• Was listed in June 2012 for $719,000
• Sold in September 2012 for $685,000
• Currently listed for $725,000
• Taxes of $10,857
• Central Air
• Bedroom #1: 28×14 (second floor)
• Bedroom #2: 15×14 (second floor)
• Bedroom #3: 12×12 (second floor)
• Bedroom #4: 14×13 (third floor)
• Family room: 18×12 (main level)

This 2-bedroom in Stonegate Terrace at 615 W. Deming in East Lincoln Park recently came on the market.

The building was built in 1999 and has an elevator.

The unit was last listed about 2 years ago but didn’t sell.

At 2100 square feet, the duplex up has a 2-story living room with a wall of built-in bookshelves from floor to ceiling (complete with ladder.)

If you can’t fit a book collection on those shelves, you have a real problem.

The kitchen is described in the listing as a “chef’s kitchen” with a large granite kitchen island, white cabinets and a white refrigerator and stove but stainless steel dishwasher.

There’s a family room, which appears to be the loft, on the second floor, along with the two bedrooms.

The master bathroom is marble.

It is a south facing unit, so it looks out to the back of the building.

It has a 20×8 deck and a garage space.

In 2011, it came on the market at $735,000 and lowered to $679,000 before being cancelled.

But that was then and this is now.

It has come back on at a higher price, at $699,900.

Will it find a buyer in this hotter market?

James Kramer at Koenig & Strey has the listing. See the pictures here.

Unit #403: 2 bedrooms, 2 baths, 2100 square feet, duplex up, 1 car garage

• Sold in February 1999 for $420,000
• Sold in June 2007 for $695,500
• Originally listed in March 2011 for $735,000
• Reduced
• Was listed in November 2011 for $679,000
• Withdrawn
• Currently listed for $699,900
• Assessments of $488 a month
• Taxes of $9026
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 16×15 (second floor)
• Bedroom #2: 14×12 (main floor)
• Family room: 23×10 (second floor)

This 4-bedroom new construction contemporary at 4511 N. Wolcott in Lincoln Square came on the market January 2, 2013.

It’s on an oversized lot measuring 25×152 and has a 2-car garage.

Three of the four bedrooms are on the second floor and the fourth is on the main level.

The lower level has a large 55×18 family room with a bathroom.

The listing says it has an “open floor plan” and modern cabinetry along with a floating staircase.

There are no pictures of the interior with the listing but we’ve seen enough of the new construction contemporaries to have an inkling of what it looks like.

This house is listed at $799,000.

What’s the catch?

The brown line El tracks run directly behind it.

The house that stood in this location before was on the market for 2 years before finally selling in August of 2012 for $170,000.

A Redfin agent who has toured the new property says there are very few windows in the back of the house.

I have linked to the floorplan below so you can see for yourself. The deck on the second story actually belongs to the master bedroom.

Will this be a hard sell at this price?

Or will the “newness” trump the El track?

Karen Biazar at the North Clybourn Group has the listing. See the floorplan here.

Or see it at the Open House this Sunday, February 24 from 11:00 AM to 12:30 PM.

4511 N. Wolcott: 4 bedrooms, 3 baths, 3200 square feet, 2 car garage

• Previous house sold in August 2012 for $170,000
• Originally listed in January 2013 for $799,000
• Currently still listed for $799,000
• Taxes are “new”
• Central Air
• Bedroom #1: 16×14 (second floor)
• Bedroom #2: 11×12 (second floor)
• Bedroom #3: 11×10 (second floor)
• Bedroom #4: 10×13 (main floor)

This 2-bedroom in City View Tower at 720 W. Randolph in the West Loop recently came on the market.

It is in a very strategic location for those who are foodies.

Not only are all the hot restaurants of Randolph Street just a few steps away but the intriguing French Market at the Ogilvie Train Station is just a few blocks east.

It looks like this 2-bedroom was part of a larget foreclosure purchase in 2010 where an investor bought a bunch of units.

At 1413 square feet, this is no small 2-bedroom. It has a den that the listing says could be used as a dining room.

The kitchen has dark cabinets, granite counter tops, including a kitchen island, and stainless steel appliances.

It has a side-by-side washer/dryer, central air and parking is available for $24,900.

Listed at $293,900, is this a deal for the square footage?

D. Waveland Kendt at @Properties has the listing. See the pictures here.

Unit #808: 2 bedrooms, 2 baths, den, 1413 square feet

• Sold in foreclosure purchase along with other units in the building in November 2010
• Currently listed at $293,900 (plus $24,900 for parking)
• Assessments of $432 a month
• Taxes of $5186
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 20×12
• Bedroom #2: 12×11

This 4-bedroom single family home at 1524 W. Oakdale in Lakeview came on the market last week.

I’ve been told that it had several offers within the first 24 hours.

I’ve also heard that demand to see it was so strong that there was simply an open house on Sunday for all interested parties and that “best and final” offers were due on Sunday night.

Why is it so special?

It’s the only 4-bedroom single family home listed under $800,000 in the Burley school district.

Location, location, location!

It also has the features lots of buyers are looking for.

It’s on a standard Chicago lot measuring 25×125 and has a two car garage.

This house has its front door on the main level with the family room and a bedroom on that level.

The living/dining/kitchen are on the second level, along with another bedroom and then the master bedroom and a second bedroom are on the top floor.

The kitchen is newer with cherry cabinets, granite counter tops and stainless steel appliances.

The master bedroom has cathedral ceilings and there are skylights.

The house previously sold in 2007 for $830,000. It’s listed at $775,000.

Will the bidding war push the final sales price over the 2007 price?

(And yes- I expect it to be under contract as of today.)

Stephanie Cutter at Coldwell Banker has the listing. See the pictures here.

1524 W. Oakdale: 4 bedrooms, 2.5 baths, no square footage listed, 2 car garage

• Sold in September 1994 for $334,000
• Sold in April 1999 for $480,000
• Sold in July 2007 for $830,000
• Originally listed in February 2013 for $775,000
• Under contract shortly???
• Taxes of $10,900
• Central Air
• Bedroom #1: 17×12 (third floor)
• Bedroom #2: 14×10 (third floor)
• Bedroom #3: 15×10 (second floor)
• Bedroom #4: 12×9 (main floor)
• Family room: 21×12 (main floor)

This 2-bedroom duplex loft at 540 N. Lake Shore Drive in Streeterville just came on the market.

If it looks familiar to some of you, that’s because we last chattered about it in September 2009. (The picture above is from the old 2009 listing.)

See our prior chatter, and more pictures, here.

Back then, it was listed for $399,900, or $120,000 under the 2004 price.

Four years ago, most of you couldn’t figure out the layout as there is a staircase in the living room that leads to the loft bedroom but there is also a spiral staircase in the bathroom.

This time there is a floorplan in the listing. The spiral staircase leads to the second bedroom.

For exposed brick lovers, it doesn’t get any better than this loft.

There are 4 soaring, two story walls of exposed brick in the living/dining area.

The kitchen is the same as in 2009 with cherry cabinets, granite counter tops and stainless steel appliances including SubZero.

There is a washer/dryer in the unit and central air. Parking is rental in the building.

The unit also is one of only 3 in the building with private roof rights. The listing says there are architect plans to build a 700 square foot deck.

I can’t tell if this sold in 2009/2010. Redfin says it did for $399,900. The ccrd shows a warranty deed in 2010 with no price.

But either way, it’s listed for $100,000 more than the 2009 list price at $499,000.

Will this loft sell for close to its list?

And does anyone know someone who has actually BUILT the “architect plans available” roof top deck that some of these units promote?

Tim Vaughn at Streeterville Properties has the listing. See the pictures here.

Unit #710: 2 bedrooms, 1.5 baths, 1580 square feet

• Sold in March 1999 for $272,500
• Sold in February 2000 for $426,000
• Sold in October 2004 for $520,000
• Lis pendens filed in June 2009
• Was listed in September 2009 at $399,900
• Sold in March 2010 (?) for $399,900 (?) (price according to Redfin)
• Currently listed for $499,000
• Assessments are now $987 a month (they were $892 a month in 2009) (includes the heat, a/c, doorman, cable)
• Taxes are now $6302 (they were $6280 in 2009)
• Parking is rental in the building
• Central Air
• Washer/dryer in the unit
• Has roof rights
• Bedroom #1: 16×18 (main level)
• Bedroom #2: 16×9 (second floor)
• Loft/den: 17×10 (second floor)

We last chattered about this top floor 3-bedroom at 920 W. Barry in Lakeview in April of 2012.

See our prior chatter here.

At that time, it had been on and off the market for 4 years and I asked if it would finally sell in 2012.

The answer was “no.”

But with the market heating up, it has come back on the market to try again.

This time, it’s priced just $900 under the 2012 list price at $549,000.

If you recall, at 2000 square feet, it has two outdoor spaces including a front terrace and a private roofdeck.

The unit is “extra wide” at 34 feet.

It has luxury finishes including Bosch and Viking appliances in the kitchen and marble baths.

Will it have better luck this year?

Pamela Rueve at Coldwell Banker has the listing again. See the pictures here.

Unit #5: 3 bedrooms, 2 baths, 2000 square feet

• Sold in July 2004 for $605,000
• Originally listed in December 2007 for $689,000
• Reduced numerous times
• Was listed in April 2012 at $549,900
• Withdrawn in April 2012
• Currently listed at $549,000
• Assessments now $313 a month (they were $325 a month last year)
• Taxes now $9120 (they were $9000 last year)
• Central Air
• Washer/Dryer in the unit
• Garage parking
• Bedroom #1: 15×15
• Bedroom #2: 12×12
• Bedroom #3: 11×11

This 3-bedroom authentic loft in the Number 10 Lofts at 1040 W. Adams in the West Loop just came on the market.

This building was converted into condo lofts at the height of the boom in 2006.

It has authentic features that loft buyers look for including a lot of exposed brick and 12 foot timber ceilings.

It also has diagonal hardwood floors (sorry Sonies) and 2 balconies.

It is a southeast corner unit with views of downtown.

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

The listing says there are 2 master suites and it appears that all three bedrooms have windows, which is unusual for a loft.

Heated garage parking is $15,000 extra.

This loft is listed $14,900 over the 2008 price (if you buy the parking.)

With the low inventory in the West Loop, will it get the premium?

Christopher Stephens at Coldwell Banker has the listing. See the pictures here.

Or see it in person at the Open House on Sunday February 17 from 12:00 until 2 PM.

Unit #201: 3 bedrooms, 2.5 baths, 1450 square feet

• Sold in March 2006 for $405,000
• Sold in March 2008 for $425,000 (included the parking)
• Currently listed at $424,900 (plus $15,000 for heated garage parking)
• Assessments of $634 a month (includes doorman and cable)
• Taxes of $4687
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 12×13
• Bedroom #2: 12×11
• Bedroom #3: 7×9

The housing market is heating up in all directions as single family homes, condos and townhouses are selling briskly in a low inventory market and a plethora of new apartment buildings are under construction as people shun the buyers market and prefer to rent.

We’ve been chattering about all the new apartment high rises for the last year.

From Crain’s:

Demand isn’t likely to cool off anytime soon, according to Appraisal Research Vice-President Ron DeVries.

“We’re going to start out this year with a bang,” he said at a Tuesday luncheon at the Standard Club downtown.

The question is whether demand will be strong enough to absorb the flood of new apartments under construction. Developers are on track to complete 2,695 units this year and 2,530 in 2014, he said. In the coming months, the first residents will start moving into Coast, a 499-unit tower in the Lakeshore East development being built by Magellan Development Group LLC, and a 500-unit building that Related Midwest is developing at 500 N. Lake Shore Drive.

One reason to be worried: Absorption, or the change in the number of leased downtown apartments, totaled just 1,100 apartments in 2012. At that rate, it will take about five years to soak up all the new apartments.

The counterargument: Absorption has been artificially low because there is effectively a shortage of apartments downtown. More renters will emerge when more apartments become available, or “supply will induce demand,” Mr. DeVries said.

“I don’t view this as a five-year supply issue,” he said.

On the flip side, the problem in the condo market is no longer too much inventory, it’s too little. The Tribune reports on the hot downtown new construction condo market.

In addition, only 1,104 newly constructed condo units remain unsold downtown.

“When we see more transactions occurring, that’s a really good indication of demand,” said Gail Lissner, a vice president at the firm. “The look of the condo market has changed in terms of unsold inventory.”

Lissner’s remarks came Tuesday during a lunchtime briefing on the local housing market.

Most of the unsold inventory, more than 500 units, is in the South Loop and the bulk of it is in the newly named and repositioned 500-unit South Loop Luxury by Related.

The three buildings, once called One Museum Park West, 1600 Museum Park and Museum Park Place 2 were taken over by New York-based Related Cos. in July have been renamed the Grant, Adler Place and Harbor View, respectively.

Since December, 40 units there are under contract, according to Related Midwest, which officially launched sales in the project Tuesday.

Other new projects reporting positive sales trends are Park Monroe Phase II, a 48-unit adaptive reuse project with 16 sales and CA3, a 40-unit building with 18 sales.

“These are all great indicators of strong sales,” Lissner said. “Price stabilization has occurred in the market. You don’t hear people talking about bottoming out. That was so yesterday.”

A lot of the bigger “new construction” projects still on the market are left over from the boom (i.e. the Related units). There hasn’t been many genuinely new big developments that have been built from the ground up since the bust.

I once said that it would take 10 years before a new condo highrise building was built.  We’re in year 7 right now.

Was I wrong?

Will some of these new construction apartment towers that are slated for occupancy in 2014 really be new condo towers instead?

Downtown apartment owners face test amid construction boom [Crain’s Chicago Business, Alby Gallun, February 12, 2013]

Downtown condo market showing signs of life [Chicago Tribune, Mary Ellen Podmolik, February 12, 2013]