Crib Chatter

It’s been nearly 4 years since we chattered about a 1-bedroom loft in The Vic Lofts at 3150 N. Sheffield in Lakeview.

A lot has changed in the building with pricing on the units since 2009.

This 1-bedroom loft on the 5th floor has a cement ceiling and central air.

The building was converted in 2005 and the kitchen has finishes from that era including maple looking cabinets and black appliances.

There is no washer/dryer in the unit or deeded parking but you can rent parking in the building for $75 a month.

This unit is a short sale.

The listing says “no investors” and that the building is FHA approved.

On the market since August 2012, it has been reduced about 21% in that time and is now listed at $159,000.

If that seems cheap to you, another 1-bedroom loft on the fifth floor, Unit #511, which was 650 square feet. sold in October for $148,000. See the pics here.

If an investor can’t buy a 1-bedroom condo unit, does that mean the prices on the distress units go even lower?

Joseph Chiappetta at Baird & Warner has the listing. See the pictures here.

Unit #502: 1 bedroom, 1 bath, no square footage listed

• Sold in October 2005 for $250,000
• Originally listed in August 2012 for $199,000
• Reduced
• Currently listed as a “short sale” for $159,000
• Assessments of $280 a month (includes cable)
• Taxes of $2843
• Central Air
• No washer/dryer in the unit- coin laundry in the building
• Rental parking for $75 a month in the building
• Bedroom: 12×10

We’ve chattered extensively about the new construction high rises going up in downtown Chicago.

Some might have deja-vu with 2002-2006 except these are being marketed as apartments and not condos.

As of September 2012, 3018 units were under construction with delivery expected in 2013 or 2014. (I couldn’t find more recent data about 2013- but I’m sure Crain’s probably has updated numbers.)

Another 7500 units are “proposed”. It’s unclear how many of them will find the funding to get built.

See the Tribune’s September article on the downtown apartment boom here.

Every week seems to bring an announcement about a new apartment high rise or in the case of Old Town, a mid-rise.

These are mainly luxury units, with hardwood floors in the main living spaces and granite counter tops and stainless steel appliances in the kitchen.

Strong demand and low supply has pushed rents up about 20% in the luxury market downtown.

Will rising rents push more renters into buying condos in 2013?

Or will the apartment boom end up  in a bust -and declining rents?

We’ve chattered about this unique 6-bedroom single family home at 1339 W. Webster in Lincoln Park several times over the last couple of years.

See our December 2011 chatter here.

At one point, in 2009, it was listed at $4.2 million. A year ago, it had been reduced down to $2.995 million.

But finally, after 4 years, the house has a new owner.

It recently sold for $2.325 million.

If you recall it was built in 1896 and renovated sometime after 1996 by architects Burns & Beyerl.

The 10,143 square foot house is on an irregular 75×76 lot.

But in the latest listing it was being marketed with the property next door so the lot size was 75×125.

Two of the bedrooms were on the second floor, one was on the third, one was on the main and two were in the lower level.

A masonry perimeter wall also enclosed a 40×40 garden/courtyard that has been featured on the Sheffield Garden Walk.

The final listing was marketing this property as vacant land. It said it had R-4 zoning.

Is it inevitable that this house will be torn down and replaced with townhouses or multiple condo units?

Wilfredo Aguilar Jr. at Property Consultants Realty had the listing.

1339 W. Webster: 6 bedrooms, 3 baths, 2 half baths, 10,143 square feet, 2 car garage

• Sold in November 1995 for $635,000
• Was professionally renovated in this time period
• Originally listed in October 2008 for $4.2 million
• Reduced several times
• Was listed in December 2011 at $2.995 million
• Reduced
• Sold in December 2012 for $2.325 million
• Taxes now $23,020 (they were $13,183 in 2009)
• Central Air
• Bedroom #1: 21×13 (second floor)
• Bedroom #2: 13×8 (main floor)
• Bedroom #3: 21×13 (second floor)
• Bedroom #4: 10×19 (third floor)
• Bedroom #5: 12×11 (lower level)
• Bedroom #6: 12×11 (lower level)

The holidays are upon us and that can only mean one thing: the Crib Chatter Holiday Schedule.

Given the way the holidays fall this year, there will be NO new posts on either Christmas Eve, December 24 or on New Years Eve, December 31.

There will also be no posts on Christmas Day or on New Years Day.

I’m also going to continue with the two posts a day (give or take a day here and there where I do three posts) since there simply isn’t anything exciting to chatter about at the moment.

However, next week will also see the regular December feature that I KNOW you all have been eagerly waiting for: “The Biggest Stories of 2013”.

Got any suggestions?

Last year’s “Biggest Stories” were the following:

• The Third Biggest Story of 2012: Affordable New Construction Makes a Comeback
• The Second Biggest Story of 2012: How Many New Luxury Condos Will Sell?
• The Biggest Story of 2012: Will REOs and Short Sales Take Over The Market?

How close were we with our magic 8-ball predictions last year?

Make your guesses for the biggest stories in Chicago real estate for 2013 now. I’ll post on them next week.

As always- thanks for a great year Chatterati. The inventory may be low but we’re still chattering away.

Happy Holidays!

Sabrina

This 3-bedroom vintage unit at 3808 N. Pine Grove in Lakeview has been on and off the market since March 2011.

The building was constructed in 1912 and the unit still has some of its vintage features such as a coffered ceiling.

In addition to the three bedrooms, it has the perferred layout of 2 bathrooms (instead of 1) and a separate dining room.

The kitchen has a granite island, cherry cabinets and black appliances.

It also has washer/dryer in the unit, a parking space and a private deck.

There is no central air, however. There are window units.

This property was just reduced $10,000 and is now listed $40,100 under the 2006 purchase price at $314,900.

Given the low inventories, will this unit finally be snatched up at this price?

Amy Diamond at Coldwell Banker has the listing. See the pictures here.

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

• Sold in July 1988 for $99,500
• Sold in March 1994 for $159,000
• Sold in September 1996 for $185,000
• Sold in October 1999 for $253,000
• Sold in February 2002 for $271,000
• Sold in September 2006 for $355,000
• Originally listed in March 2011 (I couldn’t find a list price)
• Reduced
• Was listed in October 2012 for $324,900
• Reduced
• Currently listed at $314,900 (parking included)
• Assessments of $363 a month (includes heat)
• Taxes of $5365
• No Central Air- window units only
• Washer/Dryer in the unit
• Bedroom #1: 11×13
• Bedroom #2: 11×8
• Bedroom #3: 10×11
• Dining room: 10×15

This vintage 3-flat at 518 W. Fullerton Parkway in Lincoln Park became available a few weeks ago.

It is for sale by owner.

Built in 1885, it has been in the same family for decades.

It is an all brick building on an extra long 25×175 lot.

It has a 2-car garage.

The property has many vintage features including the original hardwood floors with inlaid and the original tiling around the fireplaces.

There is also an original built-in hutch in one of the dining rooms.

This hasn’t been the only fixer property available on Fullerton Parkway recently.

636 W. Fullerton Parkway, which was a 3-story frame house built in the 1880s with a 3-car garage, recently sold after about 2 months on the market.

You can see the exterior picture and listing for that property here.

It was listed at $999,000 and sold on December 12 for $1.035 million but it was also on a slightly wider lot measuring 30×175.

This 3-flat is also listed at $999,000.

Will it sell for a similar price as the 636 W. Fullerton Parkway property?

Listed For Sale By Owner. See the property website and pictures here.

518 W. Fullerton Parkway: 10 bedrooms, 4 baths, 2 car garage

• Sold sometime before 1985
• Currently listed for sale by owner for $999,000
• Sold “as-is”
• Taxes are $4826 (senior freeze)
• Full basement (7 foot ceilings)

It’s time to check in on the monthly home sales report from the Illinois Assocation of Realtors.

We already know, thanks to Gary and some other realtors who track the monthly numbers, that sales have jumped sharply year over year (again).

The city of Chicago saw a 22.5 percent year-over-year home sales increase in November 2012 with 1,750 sales, up from 1,429 in November 2011. The condo market in the city of Chicago showed a sales increase of 36.2 percent to 1,047 units sold in November 2012. The median price of a home in the city of Chicago in November 2012 was $180,000 up 14.6 percent compared to November 2011 when it was $157,000.

Here’s the recent historic sales data (thanks to G for providing the short/REO sales data for the prior years. A historic “normal” level would be 5% to 6% of sales as short/REOs.)

1. November 2007: 1859 sales and median price of $290,000
2. November 2008: 1093 sales and median price of $222,500 (16% short/REO sales)
3. November 2009: 1905 sales and median price of $215,000 (29% short/REO sales)
4. November 2010: 1144 sales and median price of $182,500 (39% short/REO sales)
5. November 2011: 1429 sales and median price of $157,000 (43% short/REO sales)
6. November 2012: 1750 sales and median price of $180,000

For the first time, the statement talked about the huge plunge in inventory.

“We are encouraged by positive trends we’re seeing across the Chicago market,” said REALTOR® Zeke Morris, president of the Chicago Association of REALTORS® and Operating Principal and Managing Broker, Keller Williams Realty, CCG. “Adding to the mix, November saw a 41.2 percent drop in inventory compared to last year, which tells us the big banks are working through their bottleneck of pending financing agreements. We also saw a decrease in market days, signaling greater confidence among buyers who are picking up attractively priced homes while they still can.”

The University of Illinois housing expert also seems to be looking at events outside of the United States as a possible driver of the housing market in 2013.

“The trends have changed from down to up, but as we look ahead to 2013 there are a number of concerns about whether this will be sustained,” said Geoffrey J.D. Hewings, director of the Regional Economics Applications Laboratory at the University of Illinois. “The most obvious one is the potential for the non-resolution of the fiscal cliff, we still have uncertainty about what is happening in Europe and China. If all these have a positive resolution then we can expect 2013 to continue this modest recovery.”

Does Chicago’s housing market really revolve around what happens in China and Europe?

Also- is the inventory drop really the result of the banks working their way through foreclosures or is it simply that homeowners are so far underwater they won’t list their properties?

Sales, median prices show gains in November in Illinois [Illinois Association of Realtors, Press Release, December 20, 2012]

Some of you might remember this 3-bedroom contemporary single family home at 1509 N. Paulina in Wicker Park from the contest the agent was holding called “guess the price.”

Many of you submitted “guesses” via Crib Chatter.

See our November 2011 chatter here.

Listed for $775,000 back in May 2011, which was over the 2009 purchase price, Bob was among the lowest of the original “guessers” as he used the case shiller index to guess that it would sell for $613,400.

It was listed as low as $649,900 in November 2011 before being withdrawn from the market.

The house recently returned to the market and is listed at $675,000.

If you recall, the house has soaring ceilings in the living room and skylights.

2 out of the 3 bedrooms are on the second floor with the master bedroom on the third level.

The master bathroom is slate, with body sprays and a Japanese soaking tub.

The second bathroom is not without its own luxury, as it has a steam shower with 8 body sprays.

The kitchen has Viking, Bosch and SubZero appliances.

Built on a 24×101 lot, there is a 500 square foot deck with a hot tub over the 2 car garage.

With the market now stronger than last year, will this house sell for the higher price or will Bob’s 2011 “guess” of $613,400 be closer to the mark?

Emily Sachs Wong at Koenig & Strey Real Living now has the listing. See the pictures here.

1509 N. Paulina: 3 bedrooms, 2.5 baths, no square footage listed (but last time there was 2435 square feet), 2 car garage

• Sold in November 1988 for $35,000
• Sold in December 1998 for $320,000
• Sold in September 2005 for $849,000
• Originally listed in June 2008 for $899,000
• Sold in July 2009 for $695,000
• Originally listed in May 2011 for $774,900
• Reduced several times
• Was listed in May 2011 for $674,900
• Reduced
• Was listed in November 2011 for $649,900
• Withdrawn
• Re-listed for $675,000
• Taxes of $9404
• Central Air
• Bedroom #1: 18×14 (third floor)
• Bedroom #2: 12×12 (second floor)
• Bedroom #3: 11×10 (second floor)

This new construction 3-flat at 3545 N. Racine in Lakeview (is this Wrigleyville? Or Southport?) came on the market in October 2012.

It appears that 2 out of 3 units are already under contract.

The only one still available is the first floor 4-bedroom duplex down.

We have seen this type of new construction all over Lakeview and Lincoln Park in 2012. In fact, within just a few blocks of this unit there are several nearly identical buildings being constructed. They all look the same.

In this layout, the living room, kitchen, dining room and family room are all on the first floor and all four bedrooms are in the lower level.

The unit has extensive millwork and a coffered ceiling.

There is a marble bath and a private deck over the garage.

It is priced at a single family home price of $759,900.

Who’s the target market for these expensive luxury duplex downs?

Tim Sheahan at Conlon has all the listings. See the pictures here.

Unit #1: 4 bedrooms, 2.5 baths, garage parking, no square footage listed

• Originally listed in October 2012 for $759,900
• Currently still listed at $759,900
• Assessments of $229 a month
• Taxes are “new”
• Central Air
• Washer/Dryer in the unit
• Bedroom #1: 14×13 (lower level)
• Bedroom #2: 11×11 (lower level)
• Bedroom #3: 12×10 (lower level)
• Bedroom #4: 11×11 (lower level)

The north side neighborhoods aren’t the only place where new construction is going up.

This contemporary 6-flat at 1510 W. Cortez in West Town came on the market in November 2012.

Half the units have already sold. Here are the units:

• #1E: 3 bedrooms, 3 baths, 1 car parking, listed at $499,900
• #1W: 3 bedrooms, 3 baths, 1 car parking, sold in November 2012 for $499,900
• #2E: 2/2 sold in November 2012 for $408,000
• #2W: 2/2 sold in November 2012 for $419,900
• #3E: 4 bedroms, 3 baths, penthouse with rooftop deck, 2 car parking, under contract listed at $699,900
• #3W: 4 bedrooms, 3 baths, penthouse with rooftop deck, 2 car parking, listed at $699,900

The units have floor to ceilings windows and modern finishes.

The kitchens are white and dark wood Euro-style with Italian cabinets and quartz counter tops. The bathrooms are porcelain.

With half the units already having sold or under contract, is that a sign that demand has returned at this price point in West Town?

Beata Gaska at Sergio & Banks has the listings.

See some of the pictures here.